Cyprus Seeks to Construct first LNG Import Terminal by 2020

Posted y Michelle Howard
Thursday, October 11, 2018

Cyprus has invited bids for the development of the country's first liquefied natural gas (LNG) import terminal, which it wants to be ready by 2020, a notice posted on a government procurement site said this week.

Cyprus depends almost entirely on imported oil products for its energy consumption and needs to switch to cleaner gas from heavy fuel oil for its electricity generation by 2020 to stay in line with EU rules on power plant emissions.

Although a number of gas fields have been discovered nearby, including the Aphrodite field in Cyprus' waters, they have not yet been connected by pipelines to the island, necessitating a solution such as LNG imports.

After several attempts to attract LNG terminal investment, the country has now issued a tender for a floating storage and regasification unit (FSRU) import terminal and associated infrastructure at 500 million euros ($580 million).

The tender is for the procurement of an FSRU with a 125,000 cubic metre capacity and ability to offload LNG from carriers ranging in size of 120,000 cubic metres to 217,000 cubic metres. It is also for the build of the necessary infrastructure.

The submission deadline is Jan. 18, 2019, and the government wants the project, in Vasilikos Bay, completed by the end of November 2020, according to the website post.

Cyprus' energy minister Georgios Lakkotrypis said last week the FSRU was expected to cost 300 million euros, with the rest to be spent over 20 years on its operation and maintenance.

The project has already received a 101 million euro grant from the European Union as part of its Projects of Common Interest scheme.

The European Investment Bank has previously expressed interest in lending to Cyprus for an LNG project.

Reporting by Jessica Jaganathan and Sabina Zawadzki

Categories: Ports LNG

Related Stories

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Yinson Production Closes $1B Investment to Drive Further Growth

Wood JV Gets EPC Job for Shell off Brunei

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

French Oil Major Acquires Interests in Multiple Blocks in Southeast Asia

CNOOC Starts Production at Offshore Field in South China Sea

MODEC, Carbon Clean to Advance FPSO-Mounted Carbon Capture Tech

Current News

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com